Cable

I am also short on the GBP as of last night. I will place an analysis on Cable tomorrow. The risk is minimal at present although it is still a risk. Please do your own analysis as always.

What Now?

Morning,

The Euro has hit near the 50% zone (12686) so there is a possibility we may see a bounce up toward 12784-12810. While in the swing trade position, perhaps a scale out point should be taken just in case. Even if we continue to go down from here at least you will have banked some profits.
Don't forget we have BoE Meeting Minutes on Wednesday so the market may well drift in anticipation of that.

Overall, I have swing shorts open (although scaled out) and will contiue to do so unless we break 12810. I believe we have a long way to go before the Euro bottoms out. The trend is still down.